Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Equity Capital Markets

Soilbuild Business Space REIT / Equity Capital Markets

Wednesday night late, <a href="https://www.smartkarma.com/entities/soilbuild-business-space-reit" target="_blank" data-smartkarma-citation="entities:13446:1" rel="noopener">Soilbuild Business Space Reit (SBREIT SP)</a> made an <a href="https://links.sgx.com/FileOpen/25%20GF%20announcement.ashx?App=Announcement&amp;FileID=575612" target="_blank" rel="noopener">announcement</a> on the SGX that it would purchase a building in Adelaide, Australia called 25 Grenfell Street for A$134.22mm or S$127.51mm. This would be Soilbuild's second major property in Adelaide, the first being the Inghams Burton processing facility north of the city (just at the border of where city meets farmland), and its third building in Australia (it has a smallish commercial building in Canberra). <a href="https://links.sgx.com/FileOpen/25%20GF%20ppt.ashx?App=Announcement&amp;FileID=575614" target="_blank" rel="noopener">25 Grenfell Street</a> is an "iconic multi-tenanted freehold Grade A office building centrally located within the core of Adelaide’s Central Business District (“CBD”)." It has two floors of retail topped by 22 floors of office space, and a small carpark, with net lettable area of 25,000sqm and an 88.42% occupancy rate with weighted average lease expiry (“WALE”) of ~5.0 years. The building has a starting NPI yield of 7.67% and average rent increase trajectory of 3.5-3.75%. The acquisition increases REIT yield, and WALE (slightly), and on a forward basis probably even slightly more because of the SGDAUD curve.Thursday morning early the REIT announced it would launch a S$101.8 million Preferential Offering. This is like a rights offering, but not quite. Existing unitholders get the first crack at the offering. REIT sponsors Lim Chap Huat, Lim Han Ren, Lim Han Feng, and Lim Han Qin who collectively own about 29.5% of the REIT have undertaken to take up their rights.

Wednesday night late, Soilbuild Business Space Reit (SBREIT SP) made an announcement on the SGX that it would purchase a building in Adelaide, Australia called 25 Grenfell Street for A$134.22mm or S$127.51mm. This would be Soilbuild's second major property in Adelaide, the first being the Inghams Burton processing facility north of the city (just at the border of where city meets farmland), and its third building in Australia (it has a smallish commercial building in Canberra). 25 Grenfell Street is an "iconic multi-tenanted freehold Grade A office building centrally located within the core of Adelaide’s Central Business District (“CBD”)." It has two floors of retail topped by 22 floors of office space, and a small carpark, with net lettable area of 25,000sqm and an 88.42% occupancy rate with weighted average lease expiry (“WALE”) of ~5.0 years. The building has a starting NPI yield of 7.67% and average rent increase trajectory of 3.5-3.75%. The acquisition increases REIT yield, and WALE (slightly), and on a forward basis probably even slightly more because of the SGDAUD curve.Thursday morning early the REIT announced it would launch a S$101.8 million Preferential Offering. This is like a rights offering, but not quite. Existing unitholders get the first crack at the offering. REIT sponsors Lim Chap Huat, Lim Han Ren, Lim Han Feng, and Lim Han Qin who collectively own about 29.5% of the REIT have undertaken to take up their rights. 

Soilbuild Preferential Offer Gets You The Highest Industrial REIT Dividend

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Frasers Logistics & Commercial Trust / Equity Capital Markets

On Tuesday, <a href="https://www.smartkarma.com/entities/frasers-logistics-industrial" target="_blank" data-smartkarma-citation="entities:22748:1" rel="noopener">Frasers Logistics &amp; Industrial (FLT SP)</a> unveiled plans to raise around S$258.1 million through a private placement of new units at a placing price range of S$1.143-1.173 per unit. The proceeds from the placement will be used to partially fund the previously announced acquisition of 12 prime logistics properties in Germany and Australia from its sponsor, <a href="https://www.smartkarma.com/entities/frasers-property-ltd" target="_blank" data-smartkarma-citation="entities:1670:1" rel="noopener">Frasers Property Ltd (FPL SP)</a>.<div class="content-highlight">Overall, we believe that proposed acquisitions have a strong strategic rationale, but FLT is paying a full price. Consequently, we would participate at most at the low-end of the placement price range.</div>

On Tuesday, Frasers Logistics &amp; Industrial (FLT SP) unveiled plans to raise around S$258.1 million through a private placement of new units at a placing price range of S$1.143-1.173 per unit. The proceeds from the placement will be used to partially fund the previously announced acquisition of 12 prime logistics properties in Germany and Australia from its sponsor, Frasers Property Ltd (FPL SP).Overall, we believe that proposed acquisitions have a strong strategic rationale, but FLT is paying a full price. Consequently, we would participate at most at the low-end of the placement price range.

Frasers Logistics & Industrial Trust Placement: A Full Price

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN" "http://www.w3.org/TR/REC-html40/loose.dtd">
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<ul>
<li>
For the June quarter, SGX’s four largest industrial REITs – Ascendas REIT, Mapletree Logistics Trust, Mapletree Industrial Trust and Frasers Logistics &amp; Industrial Trust – averaged a DPU of 2.72 Singapore cents, up 0.8% YoY. Ascendas REIT reported the highest DPU of 4.01 cents, while Mapletree Logistics Trust registered the highest YoY growth in DPU of 3.5%. 
	 </li>
	<li>
For the quarter, Ascendas REIT and Mapletree Logistics Trust had the highest aggregate leverage ratios of 37.2% and 36.8% respectively, while Mapletree Industrial Trust had the lowest gearing of 33.4%. Frasers Logistics &amp; Industrial Trust had the highest interest coverage ratio of 7.3x in the quarter, followed by Mapletree Industrial Trust at 6.6x. 
	 </li>
	<li>In the YTD, SGX’s four largest industrial trusts averaged a total return of 23.4%. The best performers among the four were Mapletree Logistics Trust and Mapletree Industrial Trust, with YTD total returns of 29.0% and 22.5% respectively.</li>
</ul>
SGX lists 35 REITs, seven stapled trusts and three property trusts with a combined market cap of over S$100 billion. Singapore REITs was the top net buy sector in the first six months of 2019, drawing net institutional inflows of S$396.3 million over the period.

Of the 35 REITs on SGX, 11 are engaged in the acquisition, development, ownership, management and operation of industrial properties, data centres and logistics clusters, spanning Singapore, Malaysia, Vietnam, Japan, South Korea, China, Hong Kong, Australia, US, UK, Germany, and the Netherlands. Among these 11 trusts, the four largest industrial trusts by market capitalisation are: Ascendas REIT, Mapletree Logistics Trust, Mapletree Industrial Trust and Frasers Logistics &amp; Industrial Trust. Over the last two weeks, these four largest industrial REITs have reported results for the three months ended 30 June 2019.

Earnings Highlights  For the three months ended 30 June 2019, the four trusts averaged a distribution per unit (DPU) of 2.72 Singapore cents, up an average 0.8% YoY.

Ascendas REIT reported the highest DPU of 4.01 Singapore cents among the four trusts, up 0.1% YoY, followed by Mapletree Industrial Trust with a DPU of 3.10 Singapore cents, up 3.3% YoY. Among the four REITs, Mapletree Logistics Trust registered the highest YoY growth in DPU of 3.5%, while Frasers Logistics &amp; Industrial Trust registered a YoY decline of 3.9% in DPU.

These trusts averaged a 16.6% YoY rise in net property income to S$58.3 million, while gross revenue gained an average 12.5% YoY to S$69.9 million.

On average, the four REITs had an aggregate leverage ratio of 35.7% as of the quarter ended 30 June 2019. This compares with an average of 35.9% in the year-ago period. Ascendas REIT and Mapletree Logistics Trust had the highest aggregate leverage ratios of 37.2% and 36.8% respectively, while Mapletree Industrial Trust had the lowest gearing of 33.4%. Interest cover for the four trusts averaged 6.0 times in the June quarter, unchanged from the year-ago period. Frasers Logistics &amp; Industrial Trust had the highest ICR of 7.3x in the quarter, followed by Mapletree Industrial Trust at 6.6x.

June Quarter Financial Performances

<table class="table table-striped"><tbody>
<tr>
<td>
			Name
			</td>
			<td>
			Distribution Per Unit (SG cts)
			</td>
			<td>
			YoY Change (%)
			</td>
			<td>
			Net Property Income (S$M)
			</td>
			<td>
			YoY % change
			</td>
			<td>
			Gross Revenue (S$M)
			</td>
			<td>
			YoY Change (%)
			</td>
		</tr>
<tr>
<td>
			ASCENDAS REIT^
			</td>
			<td>
			4.01~
			</td>
			<td>
			0.1
			</td>
			<td>
			177.5
			</td>
			<td>
			11.5
			</td>
			<td>
			229.7
			</td>
			<td>
			6.1
			</td>
		</tr>
<tr>
<td>
			MAPLETREE LOGISTICS TRUST
			</td>
			<td>
			2.03
			</td>
			<td>
			3.5
			</td>
			<td>
			106,128
			</td>
			<td>
			18.2
			</td>
			<td>
			119,811
			</td>
			<td>
			13.6
			</td>
		</tr>
<tr>
<td>
			MAPLETREE INDUSTRIAL TRUST
			</td>
			<td>
			3.10
			</td>
			<td>
			3.3
			</td>
			<td>
			77,919
			</td>
			<td>
			12.2
			</td>
			<td>
			99,575
			</td>
			<td>
			8.8
			</td>
		</tr>
<tr>
<td>
			FRASERS LOGISTICS &amp; INDUSTRIAL TRUST
			</td>
			<td>
			1.73
			</td>
			<td>
			-3.9
			</td>
			<td>
			48,882*
			</td>
			<td>
			24.4
			</td>
			<td>
			59,952
			</td>
			<td>
			21.6
			</td>
		</tr>
<tr>
<td>
			Average
			</td>
			<td>
			2.72
			</td>
			<td>
			0.8
			</td>
			<td>
			58,277
			</td>
			<td>
			16.6
			</td>
			<td>
			69,892
			</td>
			<td>
			12.5
			</td>
		</tr>
</tbody></table>
 

<table class="table table-striped"><tbody>
<tr>
<td>
			Name
			</td>
			<td>
			Aggregate Leverage Ratio (%) as at 30 June 2019
			</td>
			<td>
			Aggregate Leverage Ratio (%) as at 30 June 2018
			</td>
			<td>
			Interest Coverage Ratio (x) as at 30 June 2019
			</td>
			<td>
			Interest Coverage Ratio (x) as at 30 June 2018
			</td>
		</tr>
<tr>
<td>
			ASCENDAS REIT
			</td>
			<td>
			37.2
			</td>
			<td>
			35.7
			</td>
			<td>
			5.0
			</td>
			<td>
			5.6
			</td>
		</tr>
<tr>
<td>
			MAPLETREE LOGISTICS TRUST
			</td>
			<td>
			36.8
			</td>
			<td>
			36.4
			</td>
			<td>
			4.9
			</td>
			<td>
			5.2
			</td>
		</tr>
<tr>
<td>
			MAPLETREE INDUSTRIAL TRUST
			</td>
			<td>
			33.4
			</td>
			<td>
			35.0
			</td>
			<td>
			6.6
			</td>
			<td>
			6.9
			</td>
		</tr>
<tr>
<td>
			FRASERS LOGISTICS &amp; INDUSTRIAL TRUST
			</td>
			<td>
			35.4
			</td>
			<td>
			36.3
			</td>
			<td>
			7.3
			</td>
			<td>
			6.4
			</td>
		</tr>
<tr>
<td>
			Average
			</td>
			<td>
			35.7
			</td>
			<td>
			35.9
			</td>
			<td>
			6.0
			</td>
			<td>
			6.0
			</td>
		</tr>
</tbody></table>
Source: Company data 
*adjusted 
^data for 1Q FY2019; FY2019 covers 1 Apr 2019 to 31 Dec 2019, after FY end was changed from 31 March to 31 December ~includes capital distributions

Outlook 
Both Mapletree Logistics Trust and Mapletree Industrial Trust cited increased caution in the domestic industrial property market as global economic growth softened, and trading and manufacturing activity in the first half of the year decelerated in tandem with the ongoing US-Sino trade tensions.

“In MLT’s markets, overall leasing demand for warehouse space has been relatively resilient to-date. However, customers have become more cautious on renewals and capacity expansion,” Mapletree Logistics noted in its 22 July 2019 results statement.

Down under in Australia, industrial take-up levels remain robust, driven by strong population growth, public infrastructure spending and the rise of e-commerce, Frasers Logistics &amp; Industrial Trust said in its 26 July results statement. Vacancy remains at five-year lows across the major industrial markets of Sydney, Melbourne and Brisbane, while prime face rents have posted steady YoY growth of 2% to 3%, the trust added.

The outlook also remains bright in Europe – take-up levels for logistics and industrial properties of above 5,000 square metres for Germany and the Netherlands remain high, Frasers noted.

YTD Performances

In the YTD, SGX’s four largest industrial trusts averaged a total return of 23.4%, bringing their one-year and three year total returns to 22.4% and 15.6%. They also averaged a price-to-book ratio of 1.2 times and a dividend indicated yield of 5.6%. The best performers among the four were Mapletree Logistics Trust and Mapletree Industrial Trust, with YTD total returns of 29.0% and 22.5% respectively.

The table below details SGX’s four largest industrial REITs, sorted by market capitalisation.

<table class="table table-striped"><tbody>
<tr>
<td>
			Name
			</td>
			<td>
			SGX Code
			</td>
			<td>
			Market Cap (S$M)
			</td>
			<td>
			Total Return YTD (%)
			</td>
			<td>
			Total Return 1Y (%)
			</td>
			<td>
			Total Return 3Y (%)
			</td>
			<td>
			PB (x)
			</td>
			<td>
			Div Ind Yld (%)
			</td>
		</tr>
<tr>
<td>
			ASCENDAS REIT
			</td>
			<td>
			A17U
			</td>
			<td>
			9,494
			</td>
			<td>
			21.9
			</td>
			<td>
			18.3
			</td>
			<td>
			13.0
			</td>
			<td>
			1.2
			</td>
			<td>
			5.3
			</td>
		</tr>
<tr>
<td>
			MAPLETREE LOGISTICS TRUST
			</td>
			<td>
			M44U
			</td>
			<td>
			5,670
			</td>
			<td>
			29.0
			</td>
			<td>
			30.0
			</td>
			<td>
			21.5
			</td>
			<td>
			1.0
			</td>
			<td>
			5.2
			</td>
		</tr>
<tr>
<td>
			MAPLETREE INDUSTRIAL TRUST
			</td>
			<td>
			ME8U
			</td>
			<td>
			4,594
			</td>
			<td>
			22.5
			</td>
			<td>
			19.4
			</td>
			<td>
			14.8
			</td>
			<td>
			1.3
			</td>
			<td>
			5.4
			</td>
		</tr>
<tr>
<td>
			FRASERS LOGISTICS &amp; INDUSTRIAL TRUST
			</td>
			<td>
			BUOU
			</td>
			<td>
			2,432
			</td>
			<td>
			20.1
			</td>
			<td>
			21.9
			</td>
			<td>
			13.2
			</td>
			<td>
			1.2
			</td>
			<td>
			6.5
			</td>
		</tr>
<tr>
<td>
			Average
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			23.4
			</td>
			<td>
			22.4
			</td>
			<td>
			15.6
			</td>
			<td>
			1.2
			</td>
			<td>
			5.6
			</td>
		</tr>
</tbody></table>
Source: Bloomberg &amp; StockFacts (data as of 29 July 2019)
</body></html>





For the June quarter, SGX’s four largest industrial REITs – Ascendas REIT, Mapletree Logistics Trust, Mapletree Industrial Trust and Frasers Logistics &amp; Industrial Trust – averaged a DPU of 2.72 Singapore cents, up 0.8% YoY. Ascendas REIT reported the highest DPU of 4.01 cents, while Mapletree Logistics Trust registered the highest YoY growth in DPU of 3.5%. 
	 
	
For the quarter, Ascendas REIT and Mapletree Logistics Trust had the highest aggregate leverage ratios of 37.2% and 36.8% respectively, while Mapletree Industrial Trust had the lowest gearing of 33.4%. Frasers Logistics &amp; Industrial Trust had the highest interest coverage ratio of 7.3x in the quarter, followed by Mapletree Industrial Trust at 6.6x. 
	 
	In the YTD, SGX’s four largest industrial trusts averaged a total return of 23.4%. The best performers among the four were Mapletree Logistics Trust and Mapletree Industrial Trust, with YTD total returns of 29.0% and 22.5% respectively.

SGX lists 35 REITs, seven stapled trusts and three property trusts with a combined market cap of over S$100 billion. Singapore REITs was the top net buy sector in the first six months of 2019, drawing net institutional inflows of S$396.3 million over the period.

Of the 35 REITs on SGX, 11 are engaged in the acquisition, development, ownership, management and operation of industrial properties, data centres and logistics clusters, spanning Singapore, Malaysia, Vietnam, Japan, South Korea, China, Hong Kong, Australia, US, UK, Germany, and the Netherlands. Among these 11 trusts, the four largest industrial trusts by market capitalisation are: Ascendas REIT, Mapletree Logistics Trust, Mapletree Industrial Trust and Frasers Logistics &amp; Industrial Trust. Over the last two weeks, these four largest industrial REITs have reported results for the three months ended 30 June 2019.

Earnings Highlights   For the three months ended 30 June 2019, the four trusts averaged a distribution per unit (DPU) of 2.72 Singapore cents, up an average 0.8% YoY.

Ascendas REIT reported the highest DPU of 4.01 Singapore cents among the four trusts, up 0.1% YoY, followed by Mapletree Industrial Trust with a DPU of 3.10 Singapore cents, up 3.3% YoY. Among the four REITs, Mapletree Logistics Trust registered the highest YoY growth in DPU of 3.5%, while Frasers Logistics &amp; Industrial Trust registered a YoY decline of 3.9% in DPU.

These trusts averaged a 16.6% YoY rise in net property income to S$58.3 million, while gross revenue gained an average 12.5% YoY to S$69.9 million.

On average, the four REITs had an aggregate leverage ratio of 35.7% as of the quarter ended 30 June 2019. This compares with an average of 35.9% in the year-ago period. Ascendas REIT and Mapletree Logistics Trust had the highest aggregate leverage ratios of 37.2% and 36.8% respectively, while Mapletree Industrial Trust had the lowest gearing of 33.4%. Interest cover for the four trusts averaged 6.0 times in the June quarter, unchanged from the year-ago period. Frasers Logistics &amp; Industrial Trust had the highest ICR of 7.3x in the quarter, followed by Mapletree Industrial Trust at 6.6x.

June Quarter Financial Performances




			Name
			
			
			Distribution Per Unit (SG cts)
			
			
			YoY Change (%)
			
			
			Net Property Income (S$M)
			
			
			YoY % change
			
			
			Gross Revenue (S$M)
			
			
			YoY Change (%)
			
		


			ASCENDAS REIT^
			
			
			4.01~
			
			
			0.1
			
			
			177.5
			
			
			11.5
			
			
			229.7
			
			
			6.1
			
		


			MAPLETREE LOGISTICS TRUST
			
			
			2.03
			
			
			3.5
			
			
			106,128
			
			
			18.2
			
			
			119,811
			
			
			13.6
			
		


			MAPLETREE INDUSTRIAL TRUST
			
			
			3.10
			
			
			3.3
			
			
			77,919
			
			
			12.2
			
			
			99,575
			
			
			8.8
			
		


			FRASERS LOGISTICS &amp; INDUSTRIAL TRUST
			
			
			1.73
			
			
			-3.9
			
			
			48,882*
			
			
			24.4
			
			
			59,952
			
			
			21.6
			
		


			Average
			
			
			2.72
			
			
			0.8
			
			
			58,277
			
			
			16.6
			
			
			69,892
			
			
			12.5
			
		

 




			Name
			
			
			Aggregate Leverage Ratio (%) as at 30 June 2019
			
			
			Aggregate Leverage Ratio (%) as at 30 June 2018
			
			
			Interest Coverage Ratio (x) as at 30 June 2019
			
			
			Interest Coverage Ratio (x) as at 30 June 2018
			
		


			ASCENDAS REIT
			
			
			37.2
			
			
			35.7
			
			
			5.0
			
			
			5.6
			
		


			MAPLETREE LOGISTICS TRUST
			
			
			36.8
			
			
			36.4
			
			
			4.9
			
			
			5.2
			
		


			MAPLETREE INDUSTRIAL TRUST
			
			
			33.4
			
			
			35.0
			
			
			6.6
			
			
			6.9
			
		


			FRASERS LOGISTICS &amp; INDUSTRIAL TRUST
			
			
			35.4
			
			
			36.3
			
			
			7.3
			
			
			6.4
			
		


			Average
			
			
			35.7
			
			
			35.9
			
			
			6.0
			
			
			6.0
			
		

Source: Company data 
*adjusted 
^data for 1Q FY2019; FY2019 covers 1 Apr 2019 to 31 Dec 2019, after FY end was changed from 31 March to 31 December ~includes capital distributions

Outlook  
Both Mapletree Logistics Trust and Mapletree Industrial Trust cited increased caution in the domestic industrial property market as global economic growth softened, and trading and manufacturing activity in the first half of the year decelerated in tandem with the ongoing US-Sino trade tensions.

“In MLT’s markets, overall leasing demand for warehouse space has been relatively resilient to-date. However, customers have become more cautious on renewals and capacity expansion,” Mapletree Logistics noted in its 22 July 2019 results statement.

Down under in Australia, industrial take-up levels remain robust, driven by strong population growth, public infrastructure spending and the rise of e-commerce, Frasers Logistics &amp; Industrial Trust said in its 26 July results statement. Vacancy remains at five-year lows across the major industrial markets of Sydney, Melbourne and Brisbane, while prime face rents have posted steady YoY growth of 2% to 3%, the trust added.

The outlook also remains bright in Europe – take-up levels for logistics and industrial properties of above 5,000 square metres for Germany and the Netherlands remain high, Frasers noted.

YTD Performances

In the YTD, SGX’s four largest industrial trusts averaged a total return of 23.4%, bringing their one-year and three year total returns to 22.4% and 15.6%. They also averaged a price-to-book ratio of 1.2 times and a dividend indicated yield of 5.6%. The best performers among the four were Mapletree Logistics Trust and Mapletree Industrial Trust, with YTD total returns of 29.0% and 22.5% respectively.

The table below details SGX’s four largest industrial REITs, sorted by market capitalisation.




			Name
			
			
			SGX Code
			
			
			Market Cap (S$M)
			
			
			Total Return YTD (%)
			
			
			Total Return 1Y (%)
			
			
			Total Return 3Y (%)
			
			
			PB (x)
			
			
			Div Ind Yld (%)
			
		


			ASCENDAS REIT
			
			
			A17U
			
			
			9,494
			
			
			21.9
			
			
			18.3
			
			
			13.0
			
			
			1.2
			
			
			5.3
			
		


			MAPLETREE LOGISTICS TRUST
			
			
			M44U
			
			
			5,670
			
			
			29.0
			
			
			30.0
			
			
			21.5
			
			
			1.0
			
			
			5.2
			
		


			MAPLETREE INDUSTRIAL TRUST
			
			
			ME8U
			
			
			4,594
			
			
			22.5
			
			
			19.4
			
			
			14.8
			
			
			1.3
			
			
			5.4
			
		


			FRASERS LOGISTICS &amp; INDUSTRIAL TRUST
			
			
			BUOU
			
			
			2,432
			
			
			20.1
			
			
			21.9
			
			
			13.2
			
			
			1.2
			
			
			6.5
			
		


			Average
			
			
			 
			
			
			 
			
			
			23.4
			
			
			22.4
			
			
			15.6
			
			
			1.2
			
			
			5.6
			
		

Source: Bloomberg &amp; StockFacts (data as of 29 July 2019)



June Quarter Earnings of SGX’s Largest Industrial REITs

On Monday, <a href="https://www.smartkarma.com/entities/cambridge-industrial-trust" target="_blank" data-smartkarma-citation="entities:10934:1">ESR-REIT (EREIT SP)</a> unveiled plans to raise around S$150 million through a private placement and a preferential placing of new units at a placing price range of S$0.515-0.525 per unit. EREIT has been embarking on a steady transformation into a major industrial player in Singapore since <a href="https://www.smartkarma.com/entities/esr-cayman-ltd" target="_blank" data-smartkarma-citation="entities:27983:1">ESR Cayman (ESR HK)</a> became a sponsor in January 2017. <div class="content-highlight">The proceeds from the placement will be used to finance a property acquisition, asset enhancement initiatives and to repay existing debt. Overall, we believe that proposed transactions’ underwhelming NAV accretion and EREIT’s ongoing overhang from a potential default from <a href="https://www.smartkarma.com/entities/hyflux-ltd" target="_blank" data-smartkarma-citation="entities:1546:1">Hyflux Ltd (HYF SP)</a> (a top 10 tenant) are adequately reflected in the proposed placement price.</div>

On Monday, ESR-REIT (EREIT SP) unveiled plans to raise around S$150 million through a private placement and a preferential placing of new units at a placing price range of S$0.515-0.525 per unit. EREIT has been embarking on a steady transformation into a major industrial player in Singapore since ESR Cayman (ESR HK) became a sponsor in January 2017. The proceeds from the placement will be used to finance a property acquisition, asset enhancement initiatives and to repay existing debt. Overall, we believe that proposed transactions’ underwhelming NAV accretion and EREIT’s ongoing overhang from a potential default from Hyflux Ltd (HYF SP) (a top 10 tenant) are adequately reflected in the proposed placement price.

ESR-REIT Placement: Placing Price Reflects the Trade-Offs





Real Estate, Manufacturing and Food &amp; Beverage stocks made up close to half of Singapore’s top 200 stocks by turnover in the first 5 months of 2019. The stocks representing tech–laden Manufacturing were the best performers in 2019 YTD and preceding two years, with F&amp;B the best performer in 2016. 
	 
	
Distinct drivers of the three sectors included interest rate outlooks and property prices for Real Estate, technological advancements, value chain integration and global trade for Manufacturing while incomes, tastes, preferences and tourism drove Food &amp; Beverage sales.  
	 
	
Real estate stocks showed the most consistency in returns, with the least standard deviation amongst the individual stock performances, followed by food &amp; beverage stocks, with the individual manufacturing stocks showing the most performance deviation in past years.  
	 
	Returns amongst the relevant 23 manufacturing stocks have been more constant in the 2019 YTD, with the 18% average total return generated by  19 gainers and four decliners, and a median total return of 19%. Hi-P Int, Frencken &amp; Sunpower led the manufacturers over the 23 weeks. 

As 2019 rapidly approaches the halftime mark of 30 June, clear drivers of investor sentiment in the year thus far have included concerns of global growth deceleration at home and abroad, resumption of trade frictions amongst the world’s two largest economies in early May, and a more dovish outlook for US interest rates.

In Singapore, the Straits Times index (“STI”) has generated  a total return of 6.8% in the 2019 year-to-date, in-line with the FTSE ASEAN All Share Index which has gained 7.4%. 

Looking beyond the STI, the 200 most actively traded stocks have generated an average total return of 8.0%. This does not include the average total returns of RHT Health Trust, Memtech International and Indofood Agri Resources which averaged 89.2% gains on premium cash offers for these businesses.

60 Real Estate Stocks Amongst Top 200 Stocks by Turnover 

Singapore’s strong property and infrastructure fundamentals have provided beachheads for Singapore’s listed Real Estate Sector. For the first five months of 2019, the 60 Real Estate stocks amongst the 200 most active traded stocks by turnover accounted for the most day-to-day market turnover, which was followed by Financial Services. As discussed recently (click here) this year Singapore REITs have attracted investment flows from global funds which has included private equity funds.

The 23 manufacturing stocks that were amongst the 200 stocks by turnover accounted for the most day-to-day turnover after the 11 financial services stocks. After Real Estate’s 60 stocks, the 23 manufacturing stocks led by the likes of Yangzijiang Shipbuilding, Venture Corporation and Singapore Tech Engineering, contributed the next most number of stocks in the top 200 by turnover. Note these manufacturing stocks do not include Food Manufacturers or Processors, and span diverse business from advanced electronics to healthcare products.

With Food and Beverage (“F&amp;B”) contributing 14 stocks to the top 200 by turnover, and the next highest number of stocks after Manufacturing, the three sectors of Real Estate, Manufacturing and F&amp;B together made up 97 stocks. This was close to half the top 200 stocks by turnover. The average total returns of the three genres of stocks over recent years are illustrated in the chart below. 

      
    
    Total Returns of Three Genres
The average total returns illustrated above were built on various levels of consistency across the performances of each of the Sector’s stocks. For instance, the 60 real estate stocks showed the most consistency, with the least standard deviation amongst the individual stock performances in all four time periods.

This was followed by F&amp;B, which saw more consistency in the performances across its relevant 14 stocks than Manufacturing over the past three years ending 2018. As noted above, Singapore manufacturing stocks span a wide range of industries, with the diversification exponentiated by the geographical reach of these businesses. This was a contributing factor to the individual manufacturing stocks showing the most performance deviation over the preceding three years.  However, in the 2019 year to date, performances across manufacturing stocks have seen marginally less deviation than the F&amp;B stocks. 

The comparative performances of the relevant stocks are tabled below, with each table sorted by stocks with the most turnover over the first five months of 2019.  The 60 real estate stocks maintain a combined market capitalisation of S$175 billion, the 23 manufacturing stocks maintain a total market capitalisation of S$35 billion and the 14 F&amp;B stocks maintain a total market capitalisation of S$60 billion. Note the designated F&amp;B stocks do not include Palm Oil producers.




			Real Estate
			
			
			Stock

			Code
			
			
			2016 TR %
			
			
			2017 TR %
			
			
			TR 2018 %
			
			
			2019 TR to 11 June %
			
		


			ASCENDAS REAL ESTATE INV TRT
			
			
			A17U
			
			
			4.6
			
			
			27.4
			
			
			0.3
			
			
			18.7
			
		


			CAPITALAND
			
			
			C31
			
			
			-7.2
			
			
			20.1
			
			
			-9.0
			
			
			13.4
			
		


			CAPITALAND COMMERCIAL TRUST
			
			
			C61U
			
			
			16.6
			
			
			42.1
			
			
			-5.0
			
			
			19.3
			
		


			CAPITALAND MALL TRUST
			
			
			C38U
			
			
			3.0
			
			
			19.5
			
			
			12.7
			
			
			16.3
			
		


			MAPLETREE LOGISTICS TRUST
			
			
			M44U
			
			
			10.8
			
			
			38.7
			
			
			1.5
			
			
			24.9
			
		


			HONGKONG LAND HOLDINGS
			
			
			H78
			
			
			-4.8
			
			
			5.5
			
			
			-6.1
			
			
			10.8
			
		


			CITY DEVELOPMENTS
			
			
			C09
			
			
			10.3
			
			
			53.1
			
			
			-33.8
			
			
			12.9
			
		


			SUNTEC REIT
			
			
			T82U
			
			
			13.2
			
			
			37.6
			
			
			-12.8
			
			
			9.5
			
		


			MAPLETREE COMMERCIAL TRUST
			
			
			N2IU
			
			
			14.9
			
			
			23.0
			
			
			7.6
			
			
			25.5
			
		


			UOL GROUP
			
			
			U14
			
			
			-1.5
			
			
			51.2
			
			
			-28.8
			
			
			18.7
			
		


			MAPLETREE NORTH ASIA COMMERC
			
			
			RW0U
			
			
			11.7
			
			
			38.3
			
			
			-1.1
			
			
			22.9
			
		


			KEPPEL REIT
			
			
			K71U
			
			
			17.0
			
			
			30.1
			
			
			-5.2
			
			
			11.3
			
		


			MAPLETREE INDUSTRIAL TRUST
			
			
			ME8U
			
			
			15.8
			
			
			32.2
			
			
			-0.7
			
			
			15.5
			
		


			FRASERS LOGISTICS &amp; INDUSTRI
			
			
			BUOU
			
			
			0.0
			
			
			34.0
			
			
			-4.2
			
			
			19.1
			
		


			KEPPEL DC REIT
			
			
			AJBU
			
			
			26.1
			
			
			27.0
			
			
			-0.7
			
			
			24.6
			
		


			FRASERS CENTREPOINT TRUST
			
			
			J69U
			
			
			9.1
			
			
			24.8
			
			
			2.2
			
			
			20.3
			
		


			ASCOTT RESIDENCE TRUST
			
			
			A68U
			
			
			2.4
			
			
			20.2
			
			
			-6.1
			
			
			22.6
			
		


			FRASERS COMMERCIAL TRUST
			
			
			ND8U
			
			
			7.0
			
			
			27.1
			
			
			-1.7
			
			
			17.7
			
		


			CDL HOSPITALITY TRUSTS
			
			
			J85
			
			
			8.7
			
			
			39.9
			
			
			-8.6
			
			
			13.6
			
		


			YANLORD LAND GROUP
			
			
			Z25
			
			
			33.1
			
			
			25.6
			
			
			-21.6
			
			
			7.9
			
		


			CAPITALAND RETAIL CHINA TRUS
			
			
			AU8U
			
			
			-1.0
			
			
			29.4
			
			
			-12.5
			
			
			16.3
			
		


			ESR-REIT
			
			
			J91U
			
			
			3.6
			
			
			12.0
			
			
			-1.8
			
			
			12.7
			
		


			CROMWELL EUROPEAN REIT
			
			
			CNNU
			
			
			0.0
			
			
			0.0
			
			
			-13.3
			
			
			16.0
			
		


			STARHILL GLOBAL REIT
			
			
			P40U
			
			
			4.7
			
			
			11.6
			
			
			-6.5
			
			
			13.7
			
		


			YING LI INTERNATIONAL REAL E
			
			
			5DM
			
			
			-10.2
			
			
			1.3
			
			
			-23.2
			
			
			20.7
			
		


			CACHE LOGISTICS TRUST
			
			
			K2LU
			
			
			-3.5
			
			
			19.0
			
			
			-12.2
			
			
			12.4
			
		


			FAR EAST HOSPITALITY TRUST
			
			
			Q5T
			
			
			-3.1
			
			
			27.9
			
			
			-10.8
			
			
			9.8
			
		


			MANULIFE US REAL ESTATE INV
			
			
			BTOU
			
			
			0.0
			
			
			18.3
			
			
			-7.2
			
			
			18.5
			
		


			ASCENDAS INDIA TRUST
			
			
			CY6U
			
			
			23.3
			
			
			19.1
			
			
			0.2
			
			
			27.7
			
		


			OUE HOSPITALITY TRUST
			
			
			SK7
			
			
			-1.1
			
			
			38.2
			
			
			-16.0
			
			
			6.6
			
		


			SASSEUR REAL ESTATE INVESTME
			
			
			CRPU
			
			
			0.0
			
			
			0.0
			
			
			0.0
			
			
			31.7
			
		


			OXLEY HOLDINGS
			
			
			5UX
			
			
			1.0
			
			
			71.9
			
			
			-44.7
			
			
			8.0
			
		


			SPH REIT
			
			
			SK6U
			
			
			5.4
			
			
			16.8
			
			
			0.6
			
			
			7.8
			
		


			APAC REALTY
			
			
			CLN
			
			
			0.0
			
			
			0.0
			
			
			-46.4
			
			
			27.8
			
		


			HONG FOK CORP
			
			
			H30
			
			
			-2.4
			
			
			38.2
			
			
			-19.9
			
			
			23.9
			
		


			ASCENDAS HOSPITALITY TRUST
			
			
			Q1P
			
			
			2.9
			
			
			30.8
			
			
			-3.6
			
			
			25.8
			
		


			LIPPO MALLS INDONESIA RETAIL
			
			
			D5IU
			
			
			27.3
			
			
			17.5
			
			
			-50.6
			
			
			28.6
			
		


			WING TAI HOLDINGS
			
			
			W05
			
			
			-6.1
			
			
			47.1
			
			
			-11.8
			
			
			5.2
			
		


			KEPPEL-KBS US REIT
			
			
			CMOU
			
			
			0.0
			
			
			0.0
			
			
			-23.9
			
			
			28.3
			
		


			FRASERS HOSPITALITY TRUST
			
			
			ACV
			
			
			-1.8
			
			
			29.3
			
			
			-4.7
			
			
			4.6
			
		


			AIMS APAC REIT
			
			
			O5RU
			
			
			3.4
			
			
			13.5
			
			
			3.9
			
			
			10.1
			
		


			ACCORDIA GOLF TRUST
			
			
			ADQU
			
			
			31.0
			
			
			17.0
			
			
			-21.1
			
			
			11.1
			
		


			OUE COMMERCIAL REAL ESTATE I
			
			
			TS0U
			
			
			14.6
			
			
			11.0
			
			
			-22.6
			
			
			9.3
			
		


			SOILBUILD BUSINESS SPACE REI
			
			
			SV3U
			
			
			-8.7
			
			
			14.2
			
			
			-6.2
			
			
			8.9
			
		


			OUE
			
			
			LJ3
			
			
			0.5
			
			
			8.2
			
			
			-22.2
			
			
			12.2
			
		


			FRASERS PROPERTY
			
			
			TQ5
			
			
			-1.2
			
			
			39.0
			
			
			-17.4
			
			
			15.1
			
		


			SABANA SHARIAH COMP IND REIT
			
			
			M1GU
			
			
			-33.5
			
			
			12.2
			
			
			6.8
			
			
			18.2
			
		


			TUAN SING HOLDINGS
			
			
			T24
			
			
			-10.6
			
			
			60.8
			
			
			-18.9
			
			
			2.3
			
		


			GUOCOLAND
			
			
			F17
			
			
			4.4
			
			
			28.1
			
			
			-16.3
			
			
			10.0
			
		


			EC WORLD REIT
			
			
			BWCU
			
			
			0.0
			
			
			8.0
			
			
			-1.2
			
			
			16.1
			
		


			DASIN RETAIL TRUST
			
			
			CEDU
			
			
			0.0
			
			
			0.0
			
			
			7.3
			
			
			5.4
			
		


			BUKIT SEMBAWANG ESTATES
			
			
			B61
			
			
			6.7
			
			
			47.1
			
			
			-7.0
			
			
			-1.4
			
		


			IREIT GLOBAL
			
			
			UD1U
			
			
			12.9
			
			
			17.3
			
			
			0.8
			
			
			8.1
			
		


			HO BEE LAND
			
			
			H13
			
			
			3.8
			
			
			24.3
			
			
			0.1
			
			
			4.5
			
		


			PROPNEX
			
			
			OYY
			
			
			0.0
			
			
			0.0
			
			
			0.0
			
			
			18.2
			
		


			UNITED INDUSTRIAL CORP
			
			
			U06
			
			
			-2.8
			
			
			20.6
			
			
			-16.8
			
			
			8.9
			
		


			FORTUNE REIT
			
			
			F25U
			
			
			17.5
			
			
			8.0
			
			
			-0.4
			
			
			23.6
			
		


			BOUSTEAD SINGAPORE
			
			
			F9D
			
			
			-0.6
			
			
			9.8
			
			
			-3.4
			
			
			-2.5
			
		


			SINGHAIYI GROUP
			
			
			5H0
			
			
			-13.4
			
			
			30.7
			
			
			-22.5
			
			
			11.8
			
		


			CENTURION CORP
			
			
			OU8
			
			
			-10.7
			
			
			65.9
			
			
			-16.5
			
			
			1.1
			
		


			Average:
			
			
			 
			
			
			4.1
			
			
			24.7
			
			
			-10.0
			
			
			14.7
			
		

 




			Manufacturing
			
			
			Stock

			Code
			
			
			2016 TR %
			
			
			2017 TR %
			
			
			TR 2018 %
			
			
			2019 TR to 11 June %
			
		


			YANGZIJIANG SHIPBUILDING
			
			
			BS6
			
			
			-22.3
			
			
			86.3
			
			
			-11.4
			
			
			19.2
			
		


			VENTURE CORP
			
			
			V03
			
			
			28.0
			
			
			115.4
			
			
			-29.1
			
			
			19.1
			
		


			SINGAPORE TECH ENGINEERING
			
			
			S63
			
			
			12.3
			
			
			5.0
			
			
			11.8
			
			
			20.3
			
		


			AEM HOLDINGS
			
			
			AWX
			
			
			195.3
			
			
			498.6
			
			
			1.5
			
			
			22.4
			
		


			SEMBCORP MARINE
			
			
			S51
			
			
			-19.3
			
			
			34.9
			
			
			-15.9
			
			
			-1.9
			
		


			HI-P INTERNATIONAL
			
			
			H17
			
			
			4.6
			
			
			326.5
			
			
			-50.8
			
			
			57.1
			
		


			VALUETRONICS HOLDINGS
			
			
			BN2
			
			
			34.3
			
			
			103.5
			
			
			-22.8
			
			
			-2.3
			
		


			SUNPOWER GROUP
			
			
			5GD
			
			
			57.4
			
			
			-11.6
			
			
			-27.6
			
			
			53.0
			
		


			CREATIVE TECHNOLOGY
			
			
			C76
			
			
			-11.9
			
			
			10.9
			
			
			254.2
			
			
			0.5
			
		


			FRENCKEN GROUP
			
			
			E28
			
			
			30.3
			
			
			132.4
			
			
			-18.9
			
			
			53.9
			
		


			HAW PAR CORP
			
			
			H02
			
			
			14.9
			
			
			27.2
			
			
			7.9
			
			
			18.8
			
		


			SUNNINGDALE TECH
			
			
			BHQ
			
			
			22.4
			
			
			83.6
			
			
			-21.9
			
			
			-2.8
			
		


			FU YU CORP
			
			
			F13
			
			
			27.2
			
			
			6.6
			
			
			10.1
			
			
			13.2
			
		


			SARINE TECHNOLOGIES
			
			
			U77
			
			
			20.9
			
			
			-42.4
			
			
			-52.0
			
			
			-29.2
			
		


			RIVERSTONE HOLDINGS
			
			
			AP4
			
			
			-25.0
			
			
			25.6
			
			
			7.9
			
			
			-17.9
			
		


			INNOTEK
			
			
			M14
			
			
			48.6
			
			
			32.7
			
			
			18.3
			
			
			30.0
			
		


			MANUFACTURING INTEGRATION TE
			
			
			M11
			
			
			-25.7
			
			
			48.3
			
			
			18.1
			
			
			22.0
			
		


			CHUAN HUP HOLDINGS
			
			
			C33
			
			
			-15.7
			
			
			37.5
			
			
			-3.7
			
			
			32.1
			
		


			JEP HOLDINGS
			
			
			1J4
			
			
			-31.0
			
			
			86.2
			
			
			-3.6
			
			
			12.6
			
		


			HANWELL HOLDINGS
			
			
			DM0
			
			
			-9.4
			
			
			31.3
			
			
			-43.6
			
			
			41.5
			
		


			MIYOSHI
			
			
			M03
			
			
			19.0
			
			
			62.8
			
			
			-39.6
			
			
			4.9
			
		


			AVARGA
			
			
			U09
			
			
			64.7
			
			
			1.8
			
			
			-23.4
			
			
			20.7
			
		


			HALCYON AGRI CORP
			
			
			5VJ
			
			
			-8.3
			
			
			-5.7
			
			
			-29.8
			
			
			24.4
			
		


			Average:
			
			
			 
			
			
			17.9
			
			
			73.8
			
			
			-2.8
			
			
			17.9
			
		

 




			F&amp;B
			
			
			Stock

			Code
			
			
			2016 TR %
			
			
			2017 TR %
			
			
			TR 2018 %
			
			
			2019 TR to 11 June %
			
		


			THAI BEVERAGE PCL
			
			
			Y92
			
			
			27.2
			
			
			11.3
			
			
			-31.7
			
			
			40.8
			
		


			WILMAR INTERNATIONAL
			
			
			F34
			
			
			25.0
			
			
			-12.1
			
			
			4.3
			
			
			10.8
			
		


			SATS
			
			
			S58
			
			
			30.9
			
			
			10.9
			
			
			-7.2
			
			
			8.2
			
		


			JAPFA
			
			
			UD2
			
			
			94.0
			
			
			-42.8
			
			
			44.6
			
			
			-19.6
			
		


			OLAM INTERNATIONAL
			
			
			O32
			
			
			12.2
			
			
			6.5
			
			
			-15.9
			
			
			15.7
			
		


			KOUFU GROUP
			
			
			VL6
			
			
			0.0
			
			
			0.0
			
			
			0.0
			
			
			14.8
			
		


			SINO GRANDNESS FOOD INDUSTRY
			
			
			T4B
			
			
			-33.8
			
			
			-8.9
			
			
			-38.2
			
			
			-61.0
			
		


			DELFI
			
			
			P34
			
			
			12.0
			
			
			-35.1
			
			
			-5.3
			
			
			-6.8
			
		


			QAF
			
			
			Q01
			
			
			37.8
			
			
			-16.4
			
			
			-45.0
			
			
			36.5
			
		


			JUMBO GROUP
			
			
			42R
			
			
			49.4
			
			
			-9.6
			
			
			-31.4
			
			
			1.7
			
		


			FRASER AND NEAVE
			
			
			F99
			
			
			2.8
			
			
			26.0
			
			
			-32.1
			
			
			4.4
			
		


			BREADTALK GROUP
			
			
			CTN
			
			
			5.4
			
			
			52.1
			
			
			-1.6
			
			
			-2.5
			
		


			JB FOODS
			
			
			BEW
			
			
			32.0
			
			
			69.2
			
			
			38.7
			
			
			11.3
			
		


			KIMLY
			
			
			1D0
			
			
			0.0
			
			
			0.0
			
			
			-30.6
			
			
			2.8
			
		


			Average:
			
			
			 
			
			
			21.1
			
			
			3.7
			
			
			-10.8
			
			
			4.1
			
		

Source: SGX StockFacts, Bloomberg (Data as of 11 June 2019). Note TR = Total Return which assumes dividends are reinvested.

Distinct drivers of the three sectors included interest rate outlooks and property prices for real estate, technological advancements, value chain integration and global trade for manufacturing while incomes, tastes, preferences and tourism drive F&amp;B sales.



Real Estate, Manufacturing and F&B Shares on the Move in 1H19    

Singapore

Mapletree Logistics Trust is an Asia-focused logistics real estate investment trust. The Company invests in a diversified portfolio of income-producing real estate which is used for logistics purposes.

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Mapletree Logistics Trust (MLT SP)

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Arun George

June Quarter Earnings of SGX’s Largest Industrial REITs

For the June quarter, SGX’s four largest industrial REITs – Ascendas REIT, Mapletree Logistics Trust, Mapletree Industrial Trust and Frasers...

Singapore Exchange Ltd (SGX)

ESR-REIT Placement: Placing Price Reflects the Trade-Offs

On Monday, ESR-REIT (EREIT SP) unveiled plans to raise around S$150 million through a private placement and a preferential placing of new units at...

Arun George

Real Estate, Manufacturing and F&B Shares on the Move in 1H19

Real Estate, Manufacturing and Food & Beverage stocks made up close to half of Singapore’s top 200 stocks by turnover in the first 5 months...

Singapore Exchange Ltd (SGX)

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